Oireachtas Joint and Select Committees
Wednesday, 24 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source
We had been borrowing at 6% for eight-year money back in September, which is a high rate in today's terms but, even in the succeeding two months, things had deteriorated and moved quite quickly, that you felt a programme would be required.
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